Explaining the adjustment to figures, Pennypacker said, “In March, we successfully refinanced our capital structure to further strengthen our balance sheet. This action increases liquidity, reduces interest expense and allows us more flexibility to deploy our capital in order to increase shareholder value.”

Pennypacker continued, “Market conditions remain very competitive. We continue to focus on providing innovative products and services for customers as evidenced by positive customer reception to our six new cranes introduced at the Bauma trade show in April. As a result of our first-quarter performance and our proven ability to execute on our strategy, we are raising our full-year guidance.”

Looking ahead the company forecasts total annual revenue between $1.900 and 1.975 billion and adjusted EBITDA between $130 and $150 million.